Common use of Annual Minimum Royalty Clause in Contracts

Annual Minimum Royalty. Licensee will pay Licensor the difference between the amount of the total Running Royalty plus Sublicensing Royalties and the Annual Minimum Royalty in the event that the Running Royalty due under Paragraph B plus the Sublicensing Royalties due under Paragraph F together do not equal or exceed the Annual Minimum Royalty set out in the table below. Accounting Period Annual Minimum Royalty 1 Zero U.S. Dollars ($0.00) 2 Zero U.S. Dollars ($0.00) 3 Zero U.S. Dollars ($0.00) 4 Twenty Thousand U.S. Dollars (US$20,000) 5 Twenty Thousand U.S. Dollars (US$20,000) 6 and each Accounting Seventy Thousand U.S. Dollars (US$70,000) Period thereafter [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. A percentage of the Annual Minimum Royalty paid by Licensee under this Agreement will be attributed to the Annual Minimum Royalty for the PLA-1669 License.